Homestead Exemption for Tax Year 2017

Looking for tax relief? Apply for Homestead Exemption for Tax Year 2017!

The Homestead Exemption offers Real Estate Tax savings to all Philadelphia homeowners by reducing the taxable portion of their property assessment by $30,000, which saves about $400 per year on property tax. In order to be eligible, you must own the property and live in it as your primary residence. There are no other requirements.

Once you are approved, you will get the Exemption every year, unless you move or the deed to your property changes.

Understanding the tax implications of owning and selling an inherited house is crucial for homeowners looking to navigate this often complex process.

When it comes to inherited properties, one of the key considerations is the tax basis, which can significantly impact any potential capital gains when the property is sold.

Knowing the documents required for selling inherited property is vital, as these documents, such as the death certificate, will, and property appraisal, are necessary to establish ownership and facilitate a smooth transaction.

Properly managing these elements can help ensure that sellers are well-prepared and compliant with tax regulations.

Homestead Exemption applications are now being accepted for Tax Year 2017 and are due by September 13, 2016. To apply:
1) Go to http://www.phila.gov/opa/abatementsexemptions/pages/homestead.aspx and print out application and mail it. (Chinese version available)
2) Call Wendy Lee at 215-922-2156 to make appointment or if you have any questions.